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Citigroup closes on $1.8 Billion buy of Tribeca HQ from SL Green

Bank had sold 388-390 Greenwich Street in 2007

From left Citigroup CEO Michael Corbat,   388Greenwich Street and Stephen-Green-SL-Green-

Citigroup closed on the repurchase of its Tribeca headquarters at 388-390 Greenwich Street from SL Green Realty for $1.76 billion, according to public records filed with the city Monday.

The banking giant sold the two buildings to SL Green and Ivanhoe Cambridge for $1.6 billion in 2007. At the time, it secured an option to repurchase the buildings, which it now made use of. The Real Deal reported Citigroup’s plans to buy back the tower in January.

Citigroup’s headquarters consists of the nine-story, 760, 000-square-foot building 390 Greenwich Street and the adjacent 39-story, 1.59-million-square-foot tower 388 Greenwich Street. Both are currently leased out to the bank.

Citi had named the buildings as its global headquarters in January and is currently renovating them. “As the establishment of our global headquarters in Lower Manhattan shows, we are committed to the city remaining our home for years to come, ” a spokesperson for the bank told TRD.

Read the full story at The Real Deal, by Konrad Putzier

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